Covered bonds take a breather
Benchmark covered bond issuance has slowed down markedly, with only one new issue launched so far this week compared with a hectic pace of supply in the preceding two weeks. Spain’s La Caixa priced a Eu1bn three year public sector issue yesterday, which leaves only one publicly announced mandate in the pipeline as volcanic ash potentially disrupts preparations for further supply. Read EuroWeek this Friday for more.
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